Cryptocurrency exchange Coinbase will halt operations in Japan due to volatile market conditions. All Coinbase Japan customers will have until February 16, 2023 to withdraw their fiat and crypto holdings, the company said in a blog post.
"Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country. We want to assure you that we have segregated the Japanese Yen and crypto assets of our customers in custody in compliance with the regulations, and we are committed to ensuring that all our customers can withdraw their assets at their earliest convenience. Fiat deposit functionality will be removed on January 20th, 2023 JST," the cryptocurrency exchange said.
Several firms have suffered from waning investor appetite for crypto after the major exchange FTX blew up in September. Higher interest rates and worries of an economic downturn have also piled pressure on the crypto industry, as investors flee risky assets.
The crypto sector's woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles.
Coinbase, Crypto.com, and Huobi have all announced plans to lay off about 20% of their respective staff, while a source told Reuters earlier this month that Genesis, too, had cut jobs, equating to 30% of its workforce.
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